## ## ||||Page| |---|---|---|---| |Reference and administrative||details|| |Trustees' report|||2-4| |Independent
Auditors'|report||5-7| |Statement offinancial|activities||| |Comparative
statement|of financial activities||| |Balance sheet|||10| |5lalemenl of cashflows|||| |Notes to the accounts|||12 - 16| ## |Charity|Number|Number|263929|||| |---|---|---|---|---|---|---| |Trustees|||Roger Bowder|||| ||||Katherine
Elizabeth|Alison Hall||| ||||Michael Jones|||| |Registered||office|Shakespeare
Martineau||LLP|| ||||2 Two Colton Square|||| ||||Leicester|||| ||||LE1 1QH|||| |Auditor|||The Rowleys Partnership||Ltd|| ||||Chartered
Accountants|||| ||||Charnwood
House|||| ||||Harcourt
Way|||| ||||Meridian
Business Park|||| ||||Leicester|||| ||||LE191WP|||| |Bankers|||Coutts &Co|||| ||||440 Strand|||| ||||Charing
Cross|||| ||||London|||| ||||WC2R OQS|||| |Solicitors|||Shakespeare
Martineau||LLP|| ||||Two Colton Square|||| ||||Leicester|||| ||||LE1 1QH|||| |Investment||managers|Cazenove Capital Management|||Limited| ||||1 London WallPlace|||| ||||London|||| ||||EC2Y SAU|||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||||EXPENDABLE||| |---|---|---|---|---|---|---|---|---| ||||Note|UNRESTRICTED||ENDOWMENT|TOTAL|TOTAL| |||||FUNDS||FUNDS|2021|2020| |Income and endowments|from|||E||8|E|E| |Investments||||||||| |- Investment
income||||494,683|||494,683|636,080| |- Bank interest
on deposit|and|premium||||||| |Income accounts|||||72||72|1,107| |- Interest on stockbrokem'|account|||||||2,101| |Total Income and endowments||||494,755|||494,755|639,288| |Expenditure
on||||||||| |Raising
funds||||||||| |- Investment
management|fees|||70,878||70,878|141,756|140,674| |Charitable
activities||||389,366|||389,366|677(327| |Total expenditure||||460,|244|70,878|531,122|818,001| |Net realised gains/(losses)|on|listed investments||||3,817,152|3,817,152|1,277,998| |Net unrealised
gains/(losses)||on listed|investments|||3,270,690|3,270,690|(4,402,240)| |Net Income/(expenditure)||||||||| |Reconciliation
offunds||||||||| |Total funds brought
forward||||701,245||26,771,244|27,472,489|30,775,444| |Total funds carried forward||||35.|6|33. $$ 2|34 Ai336|ask
2 489| ## ## ||||||EXPENDABLE|| |---|---|---|---|---|---|---| ||||Note|UNRESTRICTED|ENDOWMENT|TOTAL| |||||FUNDS|FUNDS|2020| |Income and endowments|from|||E|E|E| |Investments||||||| |- Investment
income|||4|636,080||636,080| |- Bank interest on deposit|and premium|||||| |income accounts||||1,107||1,107| |- Interest on stockbrokers'|account|||2, 'I 01||2,101| |Total income and endowments||||639,288||639,288| |Expenditure
on||||||| |Raising
funds||||||| |- Investment
management|fees|||70,337|70,337|140,674| |Charitable
activities|||5|677,327||677,327| |Total expenditure||||747,664|70,337|818,001| |Net realised gains/(losses)|on|listed investments|||1,277,998|1,277,998| |Net unrealised
gains/(losses)||on listed investments|||(4,402,240)|(4,402,240)| |Net income/(expenditure)||||~108 376|~394579|J33302 sss| |Reconciliation
of funds||||||| |Total funds
brought
forward||||809,621|29,965,823|30,775,444| |Total funds carried forward||||701.245|26.771.244|27,472,489| ## ## |||||||2021||2020|| |---|---|---|---|---|---|---|---|---|---| |||||Note|E||||| |Fixed Assets|||||||||| |Listed investments||||||33,285,173||26,615,170|| |Cash held by|investment||manager for||||||| |re-investment||||||741,520|||462,094| |||||||34,026,693||27,077,264|| |Current Assets|||||||||| |Debtors||||9|40,378||57,445||| |Cash at bank|and in|hand|||510,880||434,577||| ||||||551&258||492,022||| |Liabilities|||||||||| |Creditors;
amounts||falling|||||||| |due within one year||||19|~53 9 &||||| |Net Current|Assets|||||497,271|||395,225| |Net Assets||||||~323 ~6||MLZ442.2|| |Funds|||||||||| |Expendable
endowment|||funds|||33,788&208||26,771,244|| |Unrestricted|funds|||||735,756|||701,245| |Total Funds||||12||||27|489| |R 6owder|||||||||| |Chairman|||||||||| ## ## |||||||||2021|2020| |---|---|---|---|---|---|---|---|---|---| ||||||||Note|E|E| |Cash flow from operating
activities|||||||1|(62,182)|(126,720)| |Cash flow from investing
activities|||||||||| |Proceeds|of disposal of investments|||||||12,080,254|3,457,677| |Payments|to acquire investments|||||||(11,662,415)|(4,033,683)| |Interest|received|||||||72|3,208| |Net cash|flow from Investing
activities|||||||417911|~572.798| |Net Increase/(decrease)
in||cash and cash equivalents||||||355,729|(699,518)| |Cash and cash equivalents||at the|beginning||ofthe reporting||period|896,671|1,596,189| |Cash and cash equivalents||at the|end|ofthe|reporting|period||I 252,498|896,671| |Analysis|ofcash:||||||||| |Cash at bank and in hand||||||||510,880|434,577| |Cash held by investment
manager|||for re-investment|||||741,520|462,094| |||||||||I 252 458|896 671| |Note 1|Reconciliation
of|net income||to net|cash flow|from|operating|activities|| |||||||||2021|2020| |||||||||E|E| ||Net surpWs/(deficit)|for|year|||||7,051,475|(3,302,955)| ||Adjusted for:||||||||| ||(Gain)/loss
on investment|||||||(7,087,842)|3,124,242| ||Interest receivable|||||||(72)|(3,208)| ||(Increase) /decrease
in debtors|||||||17,067|(4,'I20)| ||Increase/(decrease)|in creditors||||||(427810)|59,321| ||Net cash flow from|operating||activities|||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |4|Investment|income|2021|2020| |---|---|---|---|---| ||||E|E| ||Income from listed investments||494,633|636,080| |5|Charitable|activities|2021|2020| ||||E|E| ||Grants awarded
in the year||356,866|646,086| ||Support costs (note 6)||15,600|14,471| ||Governance|costs (note 7)|16,900|16,770| ||||309366|677 327| |6|Support costs|Support costs||2021|2020| |---|---|---|---|---|---| |||||E|E| ||Solicitors'|charges|(as clerk to the trustees)|15,290|14,208| ||Insurance|||310|263| |||||15,600|14,471| |7|Governance costs|||2021|2020| ||||||E| ||Trustees'|remuneration||12,000|12,000| ||Auditors'|remuneration||4,900|4,770| |||||16900|16,770| ||Trustees'|remuneration|||| ||Mr R Bowder|||4,000|4,000| ||Mrs K Hall|||4,000|4,000| ||Mr M Jones|||4,000|4,000| |||||12000|\2 000| ## ## |8|Listed investments|||2021|2020| |---|---|---|---|---|---| |||||E|| ||Market value at 1 April|2020||26,615,170|29p163,406| ||Additions at cost|||11,662,415|4,033,683| ||Proceeds of disposals|||(12,0$0,254)|(3,457,677)| ||Net reagsed (loss)/gain|on|investments|3,817,152|1,277,998| ||Net unreallsed
(loss)/gain||on investments|3,270,690|(4,402,240)| ||Market value at 31 March 2021||||| ||Investments
comprise:||||| ||UK listed investments|||14,342,562|11,706,228| ||Overseas
listed investments|||18,942,611|14,908,942| |- Robeco BPGlob|al E1,883,85|0 (202|0: ENil)|||| |---|---|---|---|---|---|---| |9 Debtors|||||2021|2020| ||||||E|E| |Other debtors|||||~ltu)LL.|~L77)| |10Creditors: amounts|falling due|within|one year||2021|2020| ||||||E|E| |Accruals|||||48,737|45,777| |Other creditors|||||5,250|51,020| |11 Analysis of net assets between||funds||||| ||||Unrestricted|Expendable|2021|2020| ||||funds|endowment|Total|Total| |||||funds||| |||||E|E|E| |Listed investments||||33,2$5,173|33,285,173|26,615,170| |Cash held by investment||||||| |manager
for re-investment|||219,655|521,865|741,520|462,094| |Debtors|||40,378||40,378|57,445| |Cash at bank|||510,880||510,880|434,577| |Creditors|||(35,157)|(18,$30)|(53,987)|(96,797)| ## ## ## ## ## |unds recon|ciliation||||||| |---|---|---|---|---|---|---|---| |||Balance at|Transfer|||Investment|Balance at| |||1 April|Between|Incoming|Outgoing|gains/|31 March| |||2020|Funds|Resources|Resources|(lasses)|2021| |||E|E|E|E|E|E| |Expendable|endowment|26,771,244|||(70,87$)|7,087,842|33,788,208| |Unrestricted|funds|701,245||494/755|(460'244)||735,756| |||27 472 4$9||494 755|531 122|7 087 $42|34 523 964| |Comparative|funds recandliations||||||| |||Balance at|Transfer|||Investment|Balance at| |||1 April|Between|Incoming|Outgoing|gains/|31 March| |||2019|Funds|Resources|Resources|(lasses)|2020| |||E|E|E|E|E|E| |Expendable|endowment|29,965,823|||(70,337)|(3,124,242)|26,771,244| |Unrestricted|funds|809,621||636,288|(747,664)||701,245| |||30,775,444||636 288|818 001|3 124 242|27472 489| ##